Global Next-generation Sequencing Market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX million in 2020. Next-generation sequencing is massively parallel sequencing technology that offers ultra-high throughput and speed. this technology is used to determine the sequence of nucleotides in the entire genome or at the targeted regions of the DNA or RNA.
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The various factors driving the growth of the next-generation sequencing market include technological advancements, rising venture capital investment and increased partnerships & collaborations. For instance, Illumina, Inc., the global leader in DNA sequencing and array-based technologies, and Roche, a global pioneer in pharmaceuticals and diagnostics, came into 15 years long non-exclusive collaboration agreement to broaden the adoption of distributable next-generation sequencing-based (NGS) testing in oncology.
Furthermore, the increase in NGS-based diagnostics owing to the rising health concerns among the geriatric population coupled is another reason propelling the growth of the next-generation sequencing market. For instance, according to the United Nations population division, the total population in 2020 was 7,794,799 thousand. Also, 9.3% of the population was aged 65+ in the same year and is projected to reach 22.6% by 2100. Additionally, the rising incidences and mortality rate due to cancer is another significant factor responsible for the growth of the next-generation sequencing market all over the world. For instance, as per the American Cancer Society, In 2021, there will be an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States.
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However, some of the restraints in the market include ethical & legal limitations and the lack of skilled professionals. Besides, standardization concerns over NGS-based diagnostics and the complexity of NGS procedures are some other factors impeding the growth of this market all over the world.
Based on product/services, the market is fragmented into consumables, platforms, services, and bioinformatics. The consumables segment dominated the market in 2020 and generated total revenue of USD XX million However, the services segment is expected to witness the highest CAGR of XX% during the forecast period as sequencing generates large volumes of data, and the analysis required can be intimidating. Fortunately, the analytical tools available today take most of the manual work out of the next-generation sequencing (NGS) data analysis process, making it easier to glean meaningful information quickly. For instance, Illumina’s tools smooth the process of analyzing sequencing data, so that the major time could be spent on research and less time configuring workflows. The NGS software packages perform analysis after the on-instrument data processing is complete and offer optimal time to answer.
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Based on technology, the market is fragmented into SBS, SMRT, Pyrosequencing, Ion semiconductor sequencing, nanopore sequencing, and others. The SBS segment dominated the market in 2020 and generated total revenue of USD XX million. It is anticipated to maintain its dominance during the forecast period as SBS is one of the most used sequencing technology all over the world. For instance, 9 out of 10 times the world sequencing data is obtained by using SBS technology. Further, the increase in the availability of NGS platforms based on SBS is also driving the growth of the segment.
Additionally, the report provides detailed initiatives that are being taken in the field of next-generation sequencing. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX million in 2020 owing to the increasing cancer incidence and higher government-funded initiatives. For instance, as per the GLOBOCON 2020, 22,81,658 new cancer cases and 6,12,390 deaths were reported in the United States. Breast cancer had the highest incidence with 2,53,465 cases, followed by lung (2,27,875), prostate (2,09,512), and colon (1,01,809), amongst other types of cancers. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of XX% during the forecast period.
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Illumina, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Bio-Rad Laboratories, F. Hoffmann-La Roche, BGI, Oxford Nanopore Technologies, PerkinElmer, Eurofins Scientific are some of the prominent players operating in the global next-generation sequencing market. Several M&A’s along with partnerships have been undertaken by these players to develop NGS platforms.
Global Next-Generation Sequencing Market Segmentation
Market Insight, by Product/Services
Market Insight, by Technology
· Ion semiconductor sequencing
· Nanopore sequencing
Market Insight, by Application
· Biomarkers & cancer
· Drug Discovery
· Personalized Medicine
· Agriculture & Animal Research
Market Insight, by End-User
· Pharma Companies
· Biotechnology Companies
· Academic & Government Research Institutes
· Clinical Research
Market Insight, by Region
· North America
o United States
o United Kingdom
o Rest of Europe
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Agilent Technologies
· Bio-Rad Laboratories
· F. Hoffmann-La Roche
· Illumina, Inc.
· Oxford Nanopore Technologies
· Thermo Fisher Scientific
· Eurofins Scientific